Compared to many altcoins, Pendle saw a lower drop in the recent fallout as it holds above a key level. Facing tough resistance over the past week, the price may break through if the buying volume increases. Pendle’s daily outlook remains bearish on the short-term scale, although it has been on the bulls’ radar since it bounced off $1.8 last month. Registering a notable gain so far, the bounce has brought a suspense in the bearish momentum but faced resistance amid the recent recovery. It lost buzz and fell, but later, closed strong last month after rebounding. Things later got uglier as it encountered resistance, and it closed at a loss in the first week of this month. Leading to Monday’s crash, which plummeted most altcoins to a new low, Pendle witnessed a slight drop but managed to stay well above the $2.4 level and traded back in a consolidation phase. Yesterday came with a major recovery as most altcoins painted greens. It unfortunately posted losses and remained weak as it formed a bearish bar. This came as a result of selling volume. Volatility increased today, and the token is now posting gains daily. A push above the previous resistance level should rally the price to a new monthly high. Such a rally should activate the double-bottom formation, a new bullish pattern on the 4-hour chart. Inversely, it may resume crack down if the bears retake last month’s low. Pendle’s Key Level To Watch Source: Tradingview The $2.4 level is still holding as support. If it collapses, the lower level to consider for drops would be $2.1, followed by $1.8 – last month’s low. Moving higher, the bulls must surpass the $3.32 resistance level. If they succeed, the higher levels for an increase are located at $3.8, 44.4 and $5.26. Key Resistance Levels: $3.32, $3.8, $4.4 Key Support Levels: $2.4, $2.1, $1.8 Spot Price: $3 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
